2022 Franchise Trends to Watch

Every new year ushers in a brand-new opportunity to start fresh, set new goals, and accomplish exciting things. For FranNet, it also brings a whole new year of possibilities in the world of franchising, an industry that not only held its ground during the pandemic but continued to flourish. We hope you’re taking notice, especially if you’re considering entrepreneurial life. Business ownership through franchising can become a life-changing opportunity, and we want you to stay as informed as possible by keeping our finger on the pulse of the industry.

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The International Franchise Industry’s annual “State of Franchising” Report is typically released in February. So, to tide you over, we’ve conducted a bit of our own research to find a few 2022 franchise trends to watch. These are listed below for your review and don’t be shy about following any of the hyperlinks to find further information.

Entrepreneurship Interest Remains Strong

At the last check, the Great Resignation was up to 40 million and counting in 2021, a clear sign that an incredible number of employees decided to do something different. Undoubtably, some will seek jobs elsewhere in their industry or profession, others may decide to pursue business ownership (yes, please!), and a few more may have thrown in the towel for good and simply retired. We don’t expect a slow down anytime soon.

Startups and New Businesses Expand

An influx of 50% more new businesses in the U.S. started last year, the highest level since record-keeping began. And the second-highest total came in 2020. This news comes courtesy of the U.S. Census Bureau, but it shows that the pandemic conditions touched off a massive increase in small businesses and ownership—which dovetails with the resignation levels tracked by the U.S. Department of Labor Statistics.

Home Services Appeal

The demand for franchise concepts in the home services sector has been on a tear for the past two years. And it’s really not difficult to understand why. The lockdowns and steep reduction in travel and entertainment options have left a majority of U.S. households with a surplus of discretionary income. And since people are much more homebound than before, they now have an abundance of time to consider upgrades, cleaning, improvements, and additions. Check out the inventory of concepts that FranNet works with by following this link.

The Franchise 500

If you’re not yet familiar with this list, Entrepreneur’s Franchise 500 rankings are among the top benchmarks in the industry for determining the hottest franchise concepts. You’ll want to take note of the Category/Description tab, which aligns each entry into a specific franchise industry. Look for certain categories that show up early and often, and you’ll get a pretty good idea of which other franchise categories will be trending in 2022. Just for the record, 111 of the brands on the 2022 Entrepreneur Franchise 500 list are franchises that FranNet works with.

We expect that 2022 will present every bit as much opportunity, if not more, than we saw in 2021. Don’t forget that there are over 3,000 different franchise concepts on the market today. What are the chances there’s a perfect fit for business ownership out there just for you? Quite good!

If you agree that 2022 is shaping up to be another banner year for franchising, and you’d like to dip your toe in the water, FranNet can help you get things started. We can begin with your personal Entrepreneurial Readiness Profile and then determine which franchise categories and concepts show the most promise in helping you reach your financial and lifestyle goals. Get started today by making a no-cost, no-obligation appointment with one of our qualified FranNet consultants who live and work in your area.

Jan 20, 2022